The right shoulder broke to a higher high than the head, and the volume is higher during the ascent into the head than the decent back to the neckline.
Even though this isn't a H&S, I think it's still bearish and fits with the fib fans / retracements.
Typically the price target is measured by the height of the head from the neckline, placed at the break of the neckline (blue/purple). But, I think a more reasonable target is the height of the smallest shoulder, which fits with the long term 0.786 fib level.
Even though this isn't a H&S, I think it's still bearish and fits with the fib fans / retracements.
Typically the price target is measured by the height of the head from the neckline, placed at the break of the neckline (blue/purple). But, I think a more reasonable target is the height of the smallest shoulder, which fits with the long term 0.786 fib level.
Note
This is a very short term, but valid and confirmed H&S Trade active
Short Entry: 10582Stop Loss: 10638
Target: 10156
R:R: 7.6
Trade closed: stop reached
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.